jueves, 19 de marzo de 2015

India: APA roll back rules announced

Provisions relating to Advance Pricing Agreements (APAs) were introduced in the Indian Income-tax Act, 1961 (the Act), with effect from 1 July 2012, vide Finance Act, 2012. These provisions did not then include roll back provisions. The provision to provide for a roll back mechanism was brought into the Act vide Finance Act 2014, with effect from 1 October 2014. However, detailed rules were awaited since then.

The Central Board of Direct Taxes (CBDT) has now announced detailed rules explaining the roll back provisions and the procedure for giving effect to them. Apart from that, the CBDT has made another key amendment, wherein pre-filing consultation has been made optional for the taxpayer.Ç

Source & more info: PwC

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